Mirvac Group
will press the button on a new $170 million tower in the heart of Melbourne’s Docklands precinct, after outflanking billionaire developer Lang Walker to secure
AGL Energy
as its anchor tenant.

The 18,000-plus square metre tower at 699 Bourke Street gives AGL and its landlord Mirvac prime position on the bustling Bourke Junction area, adjacent to the Southern Cross station and Etihad Stadium.

Opposite, Cbus Property is developing $750 million of real estate.

And on another corner of the junction, Retail Employees Superannuation Trust owns the recently completed Nine Network building.

The Mirvac team, led by apartments and commercial chief executive
John Carfi
, nailed the deal just in time for the break, as the listed giant’s corporate minds get busy with potential tie-up scenarios with Australand Holdings.

The move to Docklands comes as good tidings for AGL staffers, who are spread across several locations in Melbourne, including 120 Spencer Street and 601 Bourke Street.

AGL – already buoyed by news this week of South Australia’s decision to dump retail price controls – has committed to 15,000 square metres in the tower for 10 years.

With that comes branding rights to the 10-level tower and exclusive rooftop access, with views across Docklands and over the station to the old central business district grid.

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For its part, the Mirvac team clung to the site after acquiring it just as the financial crisis brought property development to a grinding halt in most Australian markets. Mirvac brought Grocon in as partner but that arrangement dissolved.

The site is built on an existing pad above the railway lines and extends from the address at 664 Collins St to Bourke St.

Originally, Mirvac planned a single building but more recently sliced that vision into two smaller towers to match tenant demand.

Mirvac will now look for tenants to fill the 27,500 square metre second tower with Collins St frontage.

“We are delighted that AGL has chosen one of our new developments to become their Victorian operations head office," Mr Carfi said.

“This agreement is representative of Mirvac’s strategy to develop superior quality office buildings, in prime locations, that are well designed and therefore highly attractive to prospective tenants."

AGL company secretary
Paul McWilliams
said the building was chosen for its location, transport links and Grimshaw Architects design. “AGL has taken this opportunity to consolidate our Melbourne offices to provide the space, design and premium service requirements we need for the next decade."